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July 24 - Gold prices drifted higher on Wednesday, as market participants assessed the timing and number of U.S. interest rate cuts and awaited U.S. economic data for further clarity on monetary policy.
"The medium to long-term view for gold still remains supportive because we are instilling two rate cuts this year starting from September... and in the background, geopolitical tension will continue to support gold as a safe haven investment," said ANZ commodity strategist Soni Kumari. The U.S. GDP data on Thursday and personal consumption expenditure price index data on Friday could help investors calibrate their expectations of when rate cuts might begin.Investors are also closely watching developments in the U.S. election campaign, as Vice President Kamala Harris is expected to be the Democratic Party's candidate to face Republican Donald Trump.
"This scenario entails a stronger dollar, as more expensive imports could increase inflation and drive higher interest rates, creating headwinds for the precious metal's price.""In the second half of 2024, we are going to see strong physical demand coming from the favorable cut in import duty," Kumari said.
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